Oral arguments were heard last week, and things actually sound promising based on SCOTUSblog's recap of the arguments. Justice Breyer focused on the "parade of horribles" that could be the unintended consequences of Wiley's position - which Wiley's lawyer attempted to dismiss as not part of this case - to which Justice Kennedy responded

You’re aware of the fact that if we write an opinion with the . . . rule that you propose, that we should, as a matter of common sense, ask about the consequences of that rule.

And this is the entire issue for me - the state of the first sale doctrine after this decision. LISNews had a good, but frightening, characterization:

Notably, [Wiley's lawyer] didn't back away from the more extreme consequences of his client's win at the 2nd Circuit. If Wiley wins, he said, institutions like museums and libraries might need to get licenses from copyright owners for their activities.